Tag: House Financial Services Committee

Nancy Pelosi’s husband buys millions worth of Nvidia stock ahead of chip-manufacturing bill vote + Newly sworn-in SEC commissioner is former Pelosi aide

Tina Marie (Ms. Cat)1 Comment

Nancy Pelosi’s husband buys millions worth of Nvidia stock ahead of chip-manufacturing bill vote

It’s worth noting that Nvidia designs their owns chips, but hires other companies to manufacture them and likely would not directly receive benefits from subsidies related to this congressional bill.

Related:

Newly sworn-in SEC commissioner is former Pelosi aide

Chips and Dip: Congressional Trading in the Semiconductor Industry since 2020

The whale had to separate Speak Pelosi and Rep. Kim Schrier’s huge AAPL sell offs, as they make their House colleagues’ trades look like peanuts.

Why the Fed hates cryptocurrencies and especially stablecoins

Tina Marie (Ms. Cat)

Why the Fed hates cryptocurrencies and especially stablecoins

“[They’re] popular because it’s money that’s independent of politicians and bankers,” said Mati Greenspan, portfolio manager and Quantum Economics founder. “People want the separation of government and money. They clearly don’t get that.”

…

“Were diem, or even a Chinese CBDC, to be accepted by many other countries, the U.S. dollar would lose its dominance,” continued Bordo.

GameStop Promoter Keith Gill Was No “Amateur” Trader; He Held Sophisticated Trading Licenses and Worked in the Finance Industry

Tina Marie (Ms. Cat)

GameStop Promoter Keith Gill Was No “Amateur” Trader; He Held Sophisticated Trading Licenses and Worked in the Finance Industry

While some hedge funds like Melvin Capital have reportedly lost billions in the short squeeze, other major players on Wall Street have made windfalls. Reuters is reporting that the giant asset manager, BlackRock, “owned about 9.2 million shares, or a roughly 13% stake, in GameStop as of Dec. 31, 2020,” and could have made upwards of $2.4 billion on the rise in the stock since the end of December. Gill also frequently mentioned on his YouTube videos Michael Burry’s long position in the stock as well as Ryan Cohen, whose RC Ventures held a 13 percent stake in GameStop.

Related:

‘Big Short’ investor Michael Burry made a 1,500% gain on GameStop during its Reddit-fueled rally

Along with Chewy cofounder Ryan Cohen, Burry has been agitating for changes at GameStop for a while. The Scion boss penned a letter to the company’s directors in August 2019, arguing the low stock price and massive short interest suggested a lack of faith in management, and calling for a massive share buy-back.

Fed Chair Powell Opens a Big Can of Worms at His Press Conference

Tina Marie (Ms. Cat)

Fed Chair Powell Opens a Big Can of Worms at His Press Conference

What the Fed did back then, which it knows it can still do at the drop of a dime today, is to demand an adequate amount of securities as collateral from the Wall Street firms that request its emergency loans. There is zero need or rational reason to make the U.S. taxpayer backstop potential losses on Wall Street – particularly when today’s Wall Street funding problems began months before COVID-19 reared its head in the United States.

Trump Issued an Executive Memorandum Giving Mnuchin a $50 Billion Slush Fund; Mnuchin Gave Himself $386 Billion More

Tina Marie (Ms. Cat)

Trump Issued an Executive Memorandum Giving Mnuchin a $50 Billion Slush Fund; Mnuchin Gave Himself $386 Billion More

Five days before Congress passed the CARES Act on March 25 of this year, President Donald Trump issued an Executive Memorandum giving U.S. Treasury Secretary Steve Mnuchin complete discretion to use $50 billion in the Treasury’s Exchange Stabilization Fund (ESF) as Mnuchin solely saw fit. The Memorandum was dated Friday, March 20. On the prior Tuesday and Wednesday of that same week, Mnuchin had already used $20 billion of the Exchange Stabilization Fund to bail out Wall Street. As Mnuchin’s letter of November 19 to Fed Chair Jerome Powell confirms, he gave (or committed) $10 billion from the ESF to the Fed’s Commercial Paper Funding Facility on March 17 and another $10 billion to another Fed emergency lending program, the Money Market Mutual Fund Liquidity Facility, on March 18.

Federal Regulators Have Gutted Safety and Soundness Rules for the Biggest Wall Street Banks

Tina Marie (Ms. Cat)

Federal Regulators Have Gutted Safety and Soundness Rules for the Biggest Wall Street Banks

Bottom line: federal regulators are as clueless today as they were in 2008 when it comes to the level of systemic risk these banks pose to the financial system of the United States. The only way to rein in that risk is to break up these banks and restore the Glass-Steagall Act. That would separate these casinos from the federally-insured, deposit-taking banks.

Related:

How the White House Rolled Back Financial Regulations